Gulf Development Public Company Limited (SET: GULF) is preparing to issue and offer new name-registered, unsubordinated, unsecured debentures with bondholders’ representative in four tranches: 3-year debentures to be offered to institutional investors and non-individual high-net-worth investors, as well as 5-year, 7-year, and 10-year debentures to be offered to institutional investors and high-net-worth investors.
Both the company and the debentures have been assigned a credit rating of “AA-” with a “Stable” outlook by TRIS Rating as of February 12, 2026. The subscription period is expected to be open from March 17-19, 2026, with the company officially announcing further details and interest rates in mid-March 2026.
For the 2025 performance, GULF recorded a net profit attributable to the parent company of THB 86,562 million, a 304.8% increase from the previous year. The key supporting factor was the successful merger between GULF and INTUCH on April 1, 2025, allowing the company to record a gain of THB 56,120 million from the business amalgamation.
Meanwhile, core profit stood at THB 28,776 million, up 33.4%, supported by five main factors: 1) Dividend income from investment in Kasikornbank PCL (SET: KBank), 2) Full-year performance recognition from Gulf Pluak Daeng Power Plant (GPD) units 3–4, 3) Profits from solar farm projects and solar farm projects with battery energy storage systems (Solar BESS) in Thailand beginning commercial operation in late 2024 and 2025, 4) Profits from the LNG import business, and 5) Increased profit sharing from ADVANC, Hin Kong Power Plant (HKP), and the Jackson Generation natural gas-fired power project in the United States. These results reflect robust growth in core business segments, alongside the company’s strategic expansion of its investment portfolio.
For 2026, the company targets continuous revenue growth of 10-15%, driven by the gradual recognition of revenue from new power plant projects with a combined capacity of over 695 megawatts. These cover solar farm projects, Solar BESS, municipal waste-to-energy plants, and solar rooftop projects. This also includes the solid performance of the Jackson Generation power plant in the US, which benefits from a surge in capacity payment due to rising electricity demand from the data center sector. In addition, in the infrastructure business segment, revenue recognition from the M81 motorway project will commence from mid-January onward, while the M6 motorway project is set to begin operations in 3Q26.
Moreover, the company is also boosted by increased profit sharing from AIS, full-year revenue recognition from the GSA01 data center, as well as the continued expansion into cloud and AI solution businesses to elevate the organization towards technology-driven operations. All these strategies are expected to promote sustainable growth and cash flow stability for the group in the long term.
Interested parties in subscribing to GULF bonds can find more information from the bond offering prospectus and the draft filing available at the SEC Office’s website, or inquire with the following lead arrangers:
- Bangkok Bank (except Micro branches), Tel. 1333, or subscribe via the Bangkok Bank Mobile Banking app for retail investors who are individuals.
- Krung Thai Bank, Tel. 0-2111-1111, or subscribe online via Krungthai NEXT, Money Connect by Krungthai, for individual high-net-worth investors.
- Kasikornbank, Tel. 02-888-8888 ext. 869, or subscribe via the K-My Invest website (www.kasikornbank.com/kmyinvest) for individual high-net-worth Thai investors (including KASIKORNBANK Securities as the bank’s selling agent).
- Siam Commercial Bank, Tel. 02-777-6784, or subscribe via the SCB EASY app for individual high-net-worth Thai investors (including InnovestX Securities as the bank’s selling agent).
- Kiatnakin Phatra Securities, Tel. 02-165-5555 (including Kiatnakin Phatra Bank as the selling agent of the securities).
